The Federal Government has announced an N80 billion loan to the 36 states of the federation to be accessed as bonds through the Nigerian Stock Exchange.

The Minister of Finance, Kemi Adeosun who disclosed this at a stakeholders meeting with commissioners of finance from the 36 six states of the federation emphasized that the credit facility is aimed at developing a broad based and people oriented economy.

The N80 billion will be accessed by the states in two phases upon fulfillment of a 22-point reform agenda outlined in a fiscal sustainability plan aimed at repositioning Nigeria’s economy on the path of sustainable growth.

Adeosun said every state remains a center of prosperity and as a result the federal government was developing a broad based economy with productive activities in every region and state especially in their areas of comparative advantage.

To achieve this feat, she said states must begin to look inwards while partnering the private sector.

The Jigawa State Commissioner for finance, who spoke for the 36 states, assured the federal government that states are already re-strategizing to achieve economic diversification.

This is the second time the federal government has come to the rescue of the states. In July last year, the government gave out N804.7 billion as loan to the states to enable them pay workers’ salaries.